New Accounting Pronouncements

6 Months Ended

Jun. 30, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

ASU 2011-05,ASU 2011-12 and ASU 2013-02

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income” which revised the manner in which entities can present comprehensive income in their financial statements. The new guidance requires entities to present the components of net income and other comprehensive income in either (1) a single continuous statement of comprehensive income or (2) two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. Under either method of presentation, entities are also required to present adjustments for items reclassified from other comprehensive income to net income in both net income and other comprehensive income.

In December 2011, the FASB issued ASU No. 2011-12, "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05" which deferred the requirement within ASU 2011-05 to present reclassification adjustments from other comprehensive income to net income on the face of the financial statements pending further deliberation by the FASB.

In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" which added new disclosure requirements for items reclassified out of accumulated other comprehensive income. ASU No. 2013-02 effectively replaced the requirements previously outlined in ASU 2011-05 and ASU 2011-12.

ASU 2013-02 was adopted prospectively beginning in 2013. As ASU 2013-02 relates to disclosure requirements only, the adoption of this guidance did not have an impact on our financial position, results of operations or cash flows.

ASU 2011-11 and ASU 2013-01

In December 2011, the FASB issued ASU No. 2011-11, “Disclosures About Offsetting Assets and Liabilities” which creates new disclosure requirements about the nature of an entity's rights of offset associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities" which limits the scope of the offsetting disclosures required by ASU No. 2011-11.

ASU No. 2011-11 and ASU 2013-01 were adopted retrospectively beginning in 2013. As the requirements of these ASUs relate only to disclosures, the adoption of this guidance did not have an impact on our financial position, results of operations or cash flows.

ASU 2013-11

In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. We currently present our unrecognized tax benefits in accordance with ASU 2013-11.